Supergroup shares fall 22.5pc in day

Supergroup, the owner of the Superdry clothing label, lost almost a quarter of
its value on Thursday after it said sales growth had slowed and early spring
sun meant it had the wrong fashions in its shops.

The company said sales increased by 39pc to £32m over its fourth quarter. This compares to growth of 91.8pc over its third quarter.

In a statement that Nick Bubb, analyst at Arden Partners, called a "PR disaster", the company said it did not get the full range of summer stock out to stores quickly enough in view of the unseasonably warm weather experienced in early spring. "This issue has been addressed," it added.

Supergroup's valuation was also hit because rather than opening six planned UK stores over the quarter, it only opened one. The stores will open at a later date.

Shares in Supergroup, which floated last March at 500p, fell 355p – or 22.5pc – to £12.19.